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Schedule k-1

I received various K-1 forms for 2020. 2 of the K-1 forms were generated from limited partnership investment activity in my self-directed IRA... others were generated from a joint non-IRA account. I am certain I will need to report/file on the non-IRA account, however, do I need to enter anything for the IRA account activities since they are not taxable.  

 

 

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2 Replies
MinhT1
Expert Alumni

Schedule k-1

You do not report any income (or loss) occurring within your IRA account on your tax return.

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Schedule k-1

do the IRA k-1's report unrelated business taxable income (UBTI) in box 20?

if over $1000  you need to furnish the k-1's to the  IRA trustee because the IRA owes a tax on the UBTI. 

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